Does the world really need more processed snack food?
From a recent Kraft Foods press release:
“Kraft Foods Inc. (NYSE: KFT) today announced that its Board of Directors intends to create two independent public companies: A high-growth global snacks business with estimated revenue (1) of approximately $32 billion and a high-margin North American grocery business with estimated revenue of approximately $16 billion. The company expects to create these companies through a tax-free spin-off of the North American grocery business to Kraft Foods shareholders” (emphasis mine).
Yes, Kraft Foods stands to make $32 billion in revenue through tax-free spin-off companies. I’m sure that money will get funneled back into raises and health insurance, etc. for workers though, right? Lowering the prices on their “food” so that brand name “food” is accessible to lower income levels?
What independent business do you know that got to start up tax free?
Giant “food” brands like Kraft are a bigger threat to society than “secularism.” It's companies like these that rob us of our food traditions, destroy the environment, and contribute to the wealth gap.
Theres good news though: Tang (a Kraft brand) is rocketing past the $1 billion mark. (It does especially well in Asian countries.)